The UK financial behavior Authority (FCA) will modify and update some 11,000 requirements, instructions or restrictions applied to more than 9,000 businesses.
The regulator has found that some of his data were outdated, replaced by new content or needed small errors that were correcting.
Requirements and guidelines are obligations of FCA positions in businesses to take specific actions or cease certain activities. For example, FCA may impose a requirement on a business that prevents them from taking over new customers or demanding them to maintain assets so that they can meet the future obligations due to consumers.
Restrictions apply to business rights and usually limit the scope of the activity the business can do. For example, most businesses licensed to perform the regulated debt counseling activity have a “debt” restriction. FCA is doing this to prevent businesses such as car dealers who provide holistic debt tips.
Businesses can voluntarily agree to have a requirement, direction or restriction placed (a Vreq, VDIR or VVOP). FCA can also use its own launcher powers to impose requirement or instructions on a business (Oireq, Oidir or Oivop).
Requirements, instructions and restrictions are usually published in the Financial Services Register.
Changes will take place in the coming months. Businesses do not need to take any action unless FCA comes into contact, but it should contact FCA in the usual way if they have any concerns.